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✦ FREE LEARNING — CLASS 11 & 12 — CBSE · PSEB — ACCOUNTS · ECONOMICS · BST ✦
Question 7 Chapter No 17 – Class 11 Unimax
Aman maintains his books of accounts form incomplete records. His books provide the following information:
| 1-4-2019 | 31-3-2020 | |
|---|---|---|
| Cash | 20,000 | 30,000 |
| Bills receivable | 40,000 | |
| Debtors | 1,00,000 | 2,50,000 |
| Stock | 1,50,000 | 3,00,000 |
| Investment | 80,000 | |
| Furniture | 60,000 | 1,00,000 |
| Creditors | 1,60,000 | 2,00,000 |
He withdrew ₹ 1,000 per week for personal expenses. He sold her investments of ₹ 1,80,000 at 10% premium and introduced that amount into business.
You are required to prepare a statement of Profit & Loss for the year ending March 31st , 2020.
Statement of Affairs
As at April 01, 2019
| Liabilities |
Amount | Assets | Amount |
|---|---|---|---|
| Creditors | 1,60,000 | Cash | 20,000 |
| Capital (Balance figure) | 1,70,000 | Debtors | 1,00,000 |
| Stock | 1,50,000 | ||
| Furniture | 60,000 | ||
| 3,30,000 | 3,30,000 |
Statement of Affairs
As at March 31, 2020
| Liabilities |
Amount | Assets | Amount |
|---|---|---|---|
| Creditors | 2,00,000 | Cash | 30,000 |
| Capital (Balance figure) | 6,00,000 | Bills receivable | 40,000 |
| Debtors | 2,50,000 | ||
| Stock | 3,00,000 | ||
| Investment | 80,000 | ||
| Furniture | 1,00,000 | ||
| 8,00,000 | 8,00,000 |
Statement of Profit & Loss
For the year ended 31st March, 2020
| ₹ | |
|---|---|
| Capital at the end | 6,00,000 |
| Add: Drawings (1,000 x52) | 52,000 |
| 6,52,000 | |
| Less: Additional capital introduced during the year | 1,98,000 |
| Sales of personal investments 1,80,000 x110/100 | 4,54,000 |
| Less: Capital at the beginning | 1,70,000 |
| Profit made during the year | 2,84,000 |
Economics Educator
Mrs. Dilgeerjot Kaur holds a B.Com and M.Com degree and has over 9 years of teaching experience in microeconomics, macroeconomics, and business economics.
This guide covers "Question 7 Chapter No 17 – Class 11 Unimax", focusing on key definitions, step-by-step concepts, applications, and revision guidelines relevant to Chapter 17 - Accounts from Incomplete Records - Single Entry System - Unimax.
It is primarily curated for Class 11 and Class 12 high school commerce, accounting, and economics students, as well as aspirants preparing for board exams or CA Foundation.
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